登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、2025年3月销售情况 江苏立华食品集团股份有限公司（以下简称公司）2025年3月销售肉鸡（含毛鸡、屠宰品及熟制品） 4,490.29万只，销售收入10.75亿元，毛鸡销售均价10.69元/公斤，环比变动分别为36.64%、39.79%、 3.09%，同比变动分别为14.29%、1.22%、-13.58%。 三、销售情况汇总 （一）公司肉鸡销售情况汇总如下： ■ 注1：若存在尾差，属四舍五入原因所致，下同。 公司2025年3月销售肉猪14.48万头，销售收入2.64亿元，肉猪销售均价14.70元/公斤，环比变动分别 为-18.10%、-19.02%、-2.65%，同比变动分别为84.22%、89.93%、-2.39%。 二、原因说明 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 2025年3月，公司肉鸡销量、销售收入环比增长，主要原因为2月份对应农历正月，出栏进行了季节性下 调； 2025年3月，公司肉猪销量 ...

Group 1 - Lihua Foods reported a year-on-year increase in sales volume and revenue for yellow feathered chickens and pigs in March, with total sales revenue of 3.922 billion yuan from January to March [1] - In March, Lihua sold 44.9029 million chickens, generating revenue of 1.075 billion yuan, with an average selling price of 10.69 yuan/kg, showing a month-on-month increase in sales volume and revenue [1] - The company explained the increase in March sales was due to seasonal adjustments in February, which is the lunar New Year period [1] Group 2 - Analysts noted that despite fluctuations in yellow feathered chicken and pig prices, the industry remains profitable, indicating a certain level of profit margin for companies [2] - In March, Lihua sold 144,800 pigs, with revenue of 264 million yuan and an average price of 14.70 yuan/kg, showing a decline in sales volume and revenue compared to the previous month [2] - The overall pig market in the first quarter was characterized as a sales off-season, with prices fluctuating between 14 to 15 yuan/kg, and post-holiday supply-demand imbalances affecting price recovery [2] Group 3 - Feed costs constitute a significant portion of total costs in pig farming, typically ranging from 60% to 80%, thus directly impacting profit margins [3] - Despite downward pressure on pig prices in 2025, the industry is expected to remain profitable due to decreasing feed costs and improved production efficiency [3] - Controlling costs is crucial for maintaining profitability in chicken farming, as the market is currently oversupplied, putting pressure on prices [3]

证券代码：300761 证券简称：立华股份 公告编号：2025-013 江苏立华食品集团股份有限公司 2025 年 3 月销售情况简报 江苏立华食品集团股份有限公司（以下简称公司）2025 年 3 月销售肉鸡（含 毛鸡、屠宰品及熟制品）4,490.29 万只，销售收入 10.75 亿元，毛鸡销售均价 10.69 元/公斤，环比变动分别为 36.64%、39.79%、3.09%，同比变动分别为 14.29%、1.22%、 -13.58%。 公司 2025 年 3 月销售肉猪 14.48 万头，销售收入 2.64 亿元，肉猪销售均价 14.70 元/公斤，环比变动分别为-18.10%、-19.02%、-2.65%，同比变动分别为 84.22%、 89.93%、-2.39%。 二、原因说明 2025 年 3 月，公司肉鸡销量、销售收入环比增长，主要原因为 2 月份对应农 历正月，出栏进行了季节性下调； 2025 年 3 月，公司肉猪销量、销售收入同比增长，主要原因为公司养猪产能 利用率上升，叠加生产成绩提升。 三、销售情况汇总 （一）公司肉鸡销售情况汇总如下： | 月份 | | 肉鸡销量（万只） | | 销售收入（ ...

证券代码：300761 证券简称：立华股份 公告编号：2025-014 江苏立华食品集团股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况 江苏立华食品集团股份有限公司（以下简称公司）股票交易于 2025 年 4 月 3 日、2025 年 4 月 7 日、2025 年 4 月 8 日连续三个交易日内日收盘价格涨幅偏离值 累计超过 30%，根据《深圳证券交易所交易规则》等相关规定，属于异常波动的情 况。 二、公司关注并核实情况的说明 针对公司股票交易异常波动情况，公司董事会通过自查及现场问询的方式，对 公司、控股股东及实际控制人就相关事项进行了核实，现就相关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大 影响的未公开重大信息。 3、公司目前的经营情况及内外部经营环境未发生重大变化。 4、公司及控股股东、实际控制人不存在关于公司应披露而未披露的重大事项， 或处于筹划阶段的重大事项。 5、股票异常波动期间，不存在控股股东、 ...

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

Group 1 - Agricultural stocks are performing well, with the seed industry concept leading the gains, as the sector index surged over 13% shortly after opening [4][5] - All stocks within the agricultural sector experienced significant increases, with Qiu Le Seed Industry hitting a 30% limit up and Shen Nong Seed Industry reaching a 20% limit up [5] - The Supreme People's Court has released typical cases for the judicial protection of seed industry intellectual property rights, enhancing protection and providing clearer guidelines for industry participants [7] Group 2 - The chicken concept stocks rebounded, with the sector index rising over 3%, and Xiao Ming Co. hitting a 20% limit up, marking a three-year high [8] - The price of white feather chicken has rebounded by approximately 40% compared to extreme low prices seen a month and a half ago, with current prices around 3.5 yuan per jin [10] - Analysts expect a reduction in poultry imports, which will benefit domestic white feather chicken enterprises, while increased tariffs will raise breeding costs, positively impacting market share and profit margins for related companies [10]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector in light of the recent tariff increases on U.S. imports [1][5][4]. Core Views - The imposition of a 34% tariff on all U.S. imports is expected to benefit the domestic agricultural sector, particularly in the areas of feed, livestock, and seed industries [1][2][3]. - The report highlights that the increase in tariffs will likely lead to price hikes in key agricultural products such as soybean meal, corn, and beef, thereby enhancing the profitability of domestic producers [2][24][3]. Summary by Sections Tariff Impact Analysis - The Chinese government announced a 34% tariff on all U.S. imports effective April 10, 2025, which is expected to raise the import costs of key agricultural products [1][15][16]. - Major U.S. agricultural imports to China include sorghum, soybeans, cotton, beef, and corn, with soybeans and corn being particularly affected by the tariff [1][24]. Feed and Livestock Sector - The report is optimistic about companies like Haida Group and leading pig and poultry farming enterprises, which are expected to see enhanced profit margins due to better raw material management amid rising feed prices [2][3]. - The report suggests that the cost of feed, which constitutes a significant portion of livestock production costs, will rise, potentially accelerating the cycle of livestock production and benefiting leading companies in the sector [2][3]. Seed and Crop Sector - The seed industry is anticipated to benefit from a favorable price cycle and advancements in genetically modified crops, with corn prices expected to rise due to increased import costs from the U.S. tariffs [2][3]. - Companies with land resources in the planting sector are also expected to gain from rising grain prices [2][3]. Beef Industry Outlook - The domestic beef industry is projected to experience a turnaround as domestic supply decreases and U.S. beef imports shrink due to the new tariffs [3][24]. - The report indicates that the valuation of related beef companies is currently at a low point, suggesting potential for growth as market sentiment improves [3][24]. Investment Recommendations - The report recommends investments in the following sectors: 1. Pig farming: Mu Yuan, Hua Tong, Wen's, Shen Nong Group, Xin Wu Feng, Ju Xing Agricultural, Tang Ren Shen, Tian Kang Biological 2. Poultry farming: Li Hua, Yi Sheng, Sheng Nong Development 3. Feed: Haida Group 4. Seed: Quan Yin Gao Ke, Long Ping Gao Ke, Feng Le Seed Industry, Deng Hai Seed Industry, Da Bei Nong [3][4].

证券代码：300761 证券简称：立华股份 公告编号：2025-012 江苏立华食品集团股份有限公司 1 序 号 委托方 受托方 产品名称 产品类型 资金来源 金额 （万元） 起息日 到期日 预期年化 收益率（%） 1 江苏立华 食品集团 股份有限 公司 国信证券股 份有限公司 国债逆回购 R-007 保本固定 收益类 自有资金 6,000 2025/1/24 2025/2/5 2.8 一、主要内容 | 序 | | | | | | 金额 | | | 预期年化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 委托方 | 受托方 | 产品名称 | 产品类型 | 资金来源 | （万元） | 起息日 | 到期日 | 收益率（ % ） | | | 江苏立华 | 中国民生银 | 民生理财贵竹 | | | | | | | | | 食品集团 | 行股份有限 | 固收增利周周 | | | | | 无固定 | 2025/2/18 赎 | | 2 | 股份有限 | 公司常州支 | 盈 7 天持有期 | 固定收益类 | 自有资金 | 6,00 ...

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][39] Core Viewpoints - The report highlights the recovery potential of undervalued leading breeding companies and the long-term upward trend in rubber prices [1][3][14] - Key recommendations include focusing on high ROE value stocks in the breeding sector and identifying growth opportunities in the pet food market [1][3][39] Summary by Sections Investment Recommendations - Recommended stocks include: - For pets: Guai Bao Pet, Zhong Chong Co., and Rui Pu Biological [1][3][16] - For breeding: Mu Yuan Co., Hua Tong Co., and Wen's Food Group [1][3][39] - For rubber: Hainan Rubber, a leading global player in natural rubber cultivation and processing [1][3][22] Breeding Sector - The breeding sector is expected to maintain low volatility in production capacity, with overall supply-demand balance remaining stable [1][17][39] - Specific insights include: - Swine prices were reported at 14.46 CNY/kg, down 8.88% month-on-month, with a slight increase in average weight [2][25] - Poultry supply is at a low, with potential demand recovery as macroeconomic conditions improve [30][35] Planting Chain - The report emphasizes the importance of focusing on leading companies with R&D and integration advantages in the seed industry [1][19][39] - Key recommendations include: - Hainan Rubber, with significant production and processing capabilities [1][22] Market Trends - The report notes that the agriculture, forestry, animal husbandry, and fishery index increased by 0.20% in February, underperforming compared to the broader market [2][5] - The report also highlights the strong performance of specific stocks, such as Tianye Co. and Dayu Biological, with notable increases in their stock prices [2][5]

证券代码：300761 证券简称：立华股份 公告编号：2025-011 江苏立华食品集团股份有限公司 2025 年 2 月销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、2025 年 2 月销售情况 1 江苏立华食品集团股份有限公司（以下简称公司）2025 年 2 月销售肉鸡（含 毛鸡、屠宰品及熟制品）3,286.25 万只，销售收入 7.69 亿元，毛鸡销售均价 10.37 元/公斤，环比变动分别为-27.15%、-34.50%、-11.97%，同比变动分别为 8.25%、- 14.17%、-23.53%。 公司 2025 年 2 月销售肉猪 17.68 万头，销售收入 3.26 亿元，肉猪销售均价 15.10 元/公斤，环比变动分别为 9.07%、3.82%、-6.33%，同比变动分别为 398.03%、 443.33%、2.86%。 二、原因说明 2025 年 2 月，公司肉鸡销售收入环比下降，主要原因为节后消费需求转淡， 公司相应下调出栏量，叠加销售均价下降。 2025 年 2 月，公司肉猪销量及销售收入同比增长，主要原因为公司养猪产 ...